Lukac, Irwin and Brorsen, 1990 (reprint)

Malkiel, 2003 (reprint)

The title makes it clear that this book is written in part to refute Malkiel. Within this book is a rigorous, scientific case that while markets may be unpredictable, they certainly do not behave according to a classical random walk. Although the ultimate conclusions are questionable, it's nice to see an element of the academic community that doesn't take the random walk theory as gospel.

Mackinlay and Lo, 2002

Taleb is a recognized expert in the derivatives trading world and it is in this book that he presents the basis for his unique strategy of crisis hunting to profit from unanticipated extremes in volatility. In addition, Taleb also does an excellent job pointing out common errors in mental probability estimations and the effects they can have in the world of financial management.

Taleb, 2001

Each chapter in this book is an interview with an exceptional trader. Although none of the traders present techniques which would be immediately usable to the reader, this is a great source of insight into the mental perspective of those persons who are able to make their living via their market activities. Of particular note are the interviews with Richard Dennis and Ed Seykota.

Schwager, 1994 (reprint)

Following the pattern established in the previous "Wizards" book, Schwager presents his interviews with a number of exceptional traders. The interview with hedge fund manager William Eckhardt is worth the cost of the book for its various insights into the problems faced when using human intuition and standard statistical methods in the markets.

Schwager, 1994 (reprint)

The most recent in the "Wizards" series is focused solely on equities traders who made a lot of money during the violent bull markets of the 1990s. Especially interesting are the follow up reports Schwager did with these traders after the bull market had ended.

Schwager, 2003

This book describes the adventures and challenges faced by a trader living nearly a century ago. Even in the time of electronic markets, online day traders and the so called "New Economy," the wisdom contained in the book remains as relevant as ever.

Lefèvre, 1923

Bernstein provides what may be the best nontechnical book on the topic of risk, describing how perspectives on risk have changed over time leading the way for the modern view that risk need not be feared or avoided, but properly managed.

Bernstein, 1996

An excellent inside look at the culture of a Long Term Capital Mangement, a too good to be true hedge fund organized and run by some of the most respected experts in finance at the time. This book stands out as a shining example of what happens when traders work from a strategy based on an incorrect model for market activity.

Lowenstein, 2000

Authored by an executive of an investment fund with over $11 billion in assets, this book is an excellent primer on the fractal nature of the world's financial markets. Some sections require familiarity with calculus and statistics but the majority of the book is accessible to anyone.

Peters, 1991

Edgar Peters expands on the material in Chaos and Order in the Capital Markets, offering further insights into the nature of price changes and further evidence to support his fractal market hypothesis. As with the previous book, some of the math is fairly advanced but the majority of the book is accessible to anyone.

Peters, 1994

This is a collection of articles base on Mandelbrot's research dating back as far as the 1960s. The content is all geared toward a reader well versed in mathematics, however much of content is accessible to readers with only a basic background in statistics. The majority of the empirical data used come from cotton prices, but the conclusions are applicable to all markets.

Mandelbrot, 1997